The interaction of B-H-functionalized boron nanoparticles with alkenes and nitrogen-rich ionic liquids (ILs) is investigated by a combination of X-ray photoelectron spectroscopy, FTIR spectroscopy, dynamic light scattering, thermogravimetric analysis, and helium ion microscopy. Surface B-H bonds are shown to react with terminal alkenes to produce alkyl-functionalized boron particles. The interaction of nitrogen-rich ILs with the particles appears, instead, to be dominated by boron-nitrogen bonding, even for an ILs with terminal alkene functionality. This chemistry provides a convenient approach to producing and capping boron nanoparticles with a protective organic layer, which is shown to protect the particles from oxidation during air exposure. By controlling the capping group, particles with high dispersibility in nonpolar or polar liquids can be produced. For the particles capped with ILs, the effect of particle loading on hypergolic ignition of the ILs is reported.